NZ shares recover in modest decline as cooler heads prevail
The S&P/NZX 50 Index fell as much as 4.9 percent, but ended the day down 1.8 percent, or 194.34 points, at 10,897.47. Within the index, 36 stocks fell, 11 rose, and three were unchanged. Turnover was heavy at $231.7 million.
Traders were braced for the worst after Wall Street’s 15-minute circuit breakers halted trading when US stocks fell too steeply. Investors were already on edge as they weigh up the threat to global growth from the covid-19 outbreak, but that was compounded by the stand-off between Russia and Saudi Arabia.
Matt Goodson, managing director at Salt Funds Management, said it had been an “exceptionally whippy” session.
“Although most people said retail investors were being relatively staunch, it was fairly clear from initial moves in our market that there was a bit of panic first thing this morning,” he said.
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